Press release
Chillers Market Competitive Growth and Key Drivers 2018 to 2028
Global Chillers Market: Dynamics
The increasing requirement of cooling equipment in the industrial units is the primary driver for the chillers market. The demand for chillers has seen continuous growth globally during the last few years. Rapid urbanization and increasing industrialization have sustained the demand for chillers. Substantial economic transformation owing to rapid industrialization and commercialization is anticipated to drive the chillers market further throughout the forecast period.
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Owing to the substantial consumption of frozen food, chillers have become the most prevalent choice for cooling effect, which, in turn, is driving the growth of the global chillers market. Rapid urbanization and rising disposable income will further foster the demand for chillers. As rising demand for green building projects is being observed, growing concerns regarding machines to maintain room temperature will create growth opportunities for chillers during the forecast period.
Key measures being taken for energy conservation to meet increasing demand for energy efficient cooling systems will create growth opportunities in the chillers market. Rising demand for cost-efficient cooling systems in the industrial sector is anticipated to further foster the growth of the chillers market. However, stringent government regulations regarding, greenhouse effects, in different parts of the world, owing to the use of chemicals in the chillers for refrigeration process might act as a restraint to the chillers market.
The major concerning factors for the end-use industries are energy and operational cost minimization, the maintenance cost of equipment and, to increase the product lifespan. This factors are anticipated to be achieved with the increasing research and development in upgrading energy-efficient solutions, introducing sustainable technologies and, adopting advanced cooling systems, which is a trend, observed in the market.
Global Chillers Market: Segmentation
On the basis of Compressor Type, the Chillers market can be segmented into:
Screw chiller
Centrifugal chiller
Scroll chiller
Reciprocating chiller
Absorption chiller
On the basis of Capacity, the Chillers market can be segmented into:
700 kW
On the basis of Heat Rejection Method, the Chillers market can be segmented into:
Air cooled
Water cooled
Absorption
On the basis of Refrigerant Type, the Chillers market can be segmented into:
R22
R407C
R134A
R410A
Others
On the basis of End-user, the Chillers market can be segmented into:
Rubber industry
Food and beverage industry
Plastic industry
Medical and pharmaceutical industry
Chemicals and petrochemicals industry
Others
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Global Chillers Market: Region-wise Outlook
China and U.S. are anticipated to dominate the chillers market, in terms of value. In the Asia Pacific, Vietnam, China and Thailand have seen major growth for chillers market owing to a small number of huge projects, mainly supplied by centrifugal chillers. In China, the demand for chillers is seen from energy plants, hospitals, schools, and telecommunications. Energy efficiency is the main driver for the chillers market in India. Airports and shopping malls are the major end-users for chillers in Indonesia. The Middle East and Africa region are anticipated to have moderate growth, while, in Europe, U.K. is anticipated to be the fastest growing for chillers market owing to the replacement of R22 refrigerants, and use of chillers in high rise office buildings and, airports.
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